The supply of external financing to developing countries generally tends to increase in periods when export earnings are booming and thus, in periods of increasing government revenues. Conversely, Stabex and IMF Compensatory Financing transfers are primarily designed to take place in response to...

[eng] This paper is based on Prebisch and Singer’s work on the deterioration in the terms of trade of developing economies. Using a game-theory model, we can explain the decline in the cocoa-bean price relative to the price of chocolate bars in the French market. One implication of the model...

This paper focuses on the impact of property rights insecurity on deforestation in the Brazilian Legal Amazon. Deforestation is considered as a risk management strategy: property rights insecurity reduces the present value of forests and fosters forest conversion into agricultural and pasture...

[eng] Are agricultural commodity markets efficient ? . The aim of this paper is to test the random walk and martingale versions of the efficient market hypothesis using tools deriving from financial markets analysis. Tests are performed for a sample of agricultural products in order to detect...